Brent Price Recovers on Chinese Demand Hopes

The Brent oil price has recovered slightly from its lows on Friday, rising by $0.31/bbl to $81.46/bbl at 09.00 GMT.

The gain is attributed to expectations of a recovery in Chinese oil demand during the country's five-day Golden Week holiday starting May 1st.

According to the International Energy Agency (IEA), global oil demand will reach a record 101.9 million b/d this year, driven by China's consumption rebound and OPEC+ output cuts.

This surge in demand is expected to lead to a supply shortage of around 400,000 b/d by the end of the year, squeezing worldwide supply and tilting the balance between supply and demand.